Golden Sky Minerals Completes Phase 1 Exploration Program at Bull’s Eye, Mobilizes to Hotspot
July 20 2020 - 7:45AM
Golden Sky Minerals Corp. (AUEN.V) is pleased to
announce the completion of a surface exploration program at its
Bull’s Eye property in the Yukon’s White Gold District.
The Bull’s Eye property is located 50 km south
of Newmont’s Coffee Gold deposit in a previously unrecognized gold
sub-district. The Bull’s Eye property is adjacent to K2 Gold
Corp.’s Wels Gold project which has yielded notable drill
intercepts including 2.37 g/t Au over 28.5m and 0.76 g/t Au over
97.5m.
The Phase 1 program involved the collection of
560 soil samples, 50 prospecting rock grab samples, and the
completion of a 134 metre-long trench. The majority of exploration,
including trenching, was focused on the Gold Crest zone; an
open-ended 200x250m geochemical anomaly, with soil samples from a
previous program assaying up to 0.22 g/t gold (Au) and prospecting
grab samples assaying up to 0.25 g/t Au (see Figure 1).
Visual inspection from trenching within the soil
geochemical anomaly indicates widespread quartz stockwork
development, silicification, sericite alteration, and pyrite
mineralization. Reconnaissance soil sampling and prospecting were
also completed on previously unexplored areas of the property.
Due to favourable visual results, 30 additional
claims were staked, increasing the total property area to 142
claims (2,968 ha).
Mobilization to Hotspot
Golden Sky Minerals is also pleased to announce
the mobilization of an exploration team to its Hotspot property
located on the Yukon-Alaska border. This Phase 1 program will
involve soil sampling to expand the Sure Bet zone, and preparation
for a Phase 2 inaugural drill program to be conducted in September,
2020. The Hotspot property is located 25km southeast of the Taurus
copper-molybdenum-gold (Cu-Mo-Au) porphyry deposit (located
in Alaska) which has an inferred resource of 68.3 million tonnes
grading 0.275% Cu, 0.032% Mo, and 0.166 g/t Au.
Situated along the Big Creek Fault, the Hotspot
property hosts a 1.7-kilometer-long mineralized structure with
gold-in-soil values up to 4.1 g/t Au and a pathfinder signature
indicative of a low-sulphidation epithermal system. A short
trenching program in 2018 returned values of 0.42 g/t Au over 44m
(see September 10, 2018 news release).
Figure 1: Gold-in-soil values at the Gold
Crest
zonehttps://www.globenewswire.com/NewsRoom/AttachmentNg/de075535-1b57-4e3b-ac9e-5621e5e2c52b
Message from John Newell, President and
CEO:
“Although assays will tell the true story, I am
excited by the team’s report of favourable visual results from the
trenching program. With the addition of new soils, we hope to
expand the footprint of the Gold Crest zone, and hopefully define
new exploration targets on the property.”
Other
Carl Schulze, P. Geo., Consulting Geologist with
Aurora Geosciences Ltd, is a qualified person as defined by
National Instrument 43-101, for Golden Sky's Yukon exploration
projects, and has reviewed and approved the technical information
in this release.
ON BEHALF OF THE BOARD John
Newell, President and Chief Executive Officer
For new information from the Company's programs,
please visit Golden Sky's website at
www.GoldenSkyMinerals.com or contact John Newell by telephone
(604) 568-8807 or by email at info@goldenskyminerals.com.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Forward-Looking Statements
Statements contained in this news release that
are not historical facts are “forward-looking information” or
“forward-looking statements” (collectively, “Forward-Looking
Information”) within the meaning of applicable Canadian securities
legislation. In certain cases, Forward-Looking Information can be
identified by the use of words and phrases such as “anticipates”,
“expects”, “understanding”, “has agreed to” or variations of such
words and phrases or statements that certain actions, events or
results “would”, “occur” or “be achieved”. Although Golden Sky has
attempted to identify important factors and risks that could affect
Golden Sky and may cause actual actions, events or results to
differ materially from those described in Forward-Looking
Information, there may be other factors and risks that cause
actions, events or results not to be as anticipated, estimated or
intended, including, without limitation: inherent risks involved in
the exploration and development of mineral properties; the
uncertainties involved in interpreting drill results and other
exploration data; the potential for delays in exploration or
development activities; the geology, grade and continuity of
mineral deposits; the possibility that future exploration,
development or mining results will not be consistent with Golden
Sky’s expectations; accidents, equipment breakdowns, title and
permitting matters; labour disputes or other unanticipated
difficulties with or interruptions in operations; fluctuating metal
prices; unanticipated costs and expenses; uncertainties relating to
the availability and costs of financing needed in the future,
including to fund any exploration programs on its projects; that
Golden Sky may not be able to confirm historical exploration
results and other risks set forth in Golden Sky's public filings at
www.sedar.com. In making the forward-looking statements in this
news release, Golden Sky has applied several material assumptions,
including the assumption that general business and economic
conditions will not change in a materially adverse manner. There
can be no assurance that Forward-Looking Information will prove to
be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on Forward-Looking
Information. Except as required by law, Golden Sky does not assume
any obligation to release publicly any revisions to Forward-Looking
Information contained in this news release to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
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